Property Q&A in Ann Arbor>Question Details

Royceconsell…, Home Buyer in Ann Arbor, MI

Does this property come with a basement? If so, is it a full finished one?

Asked by Royceconsellow, Ann Arbor, MI Fri Nov 4, 2011

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This home is tri-level style. This means that there are 3 levels -- the main level, an upstairs (where the bedrooms typically are) and a lower level also called a basement. The basement typically contains the furnace, water heater, washer, dryer, and other mechanicals. In a tri-level, each level is the same size, so, it would not be a "full" basement such as you would see in a ranch or even a 2-story home. It would be a small space, if you decided to finish the basement, but, it would also be an inexpensive project because if its size.

This home is also a short sale. This means that the owner is unable to sell the home for the full amount due on their mortgage note. Lenders are becoming more and more accepting of this reality, though it can take anywhere from 2 to 8 months to complete. How cumbersome this process is will depend upon who the investor is (who holds the mortgage note), how many mortgages there are, and how organized and prompt the seller is with getting their short-sale package (detailed information) to their investor(s).

For more information on short sale, please click the link below.
1 vote Thank Flag Link Fri Nov 4, 2011
The home is listed as a tri-level. However, since I've been inside the home I can tell you that it is in fact a quad-level.

A quad-level is a tri-level with a basement under the entry level, so there are four floors.

Kim Foster is an experienced listing agent so I have no idea why she has it listed as a tri-level. I also don't understand why her managing broker wouldn't have corrected it.

Please understand that you can contact Kim, but she has promised the seller to get the best possible terms for them. She would either be working with you as a seller's agent or working as a dual agent. (Dual agency is legal in Michigan but it must be disclosed to both the seller and the buyer because it is a dramatically lower level of service.)

The home is a little rough but the area is very nice and the home could be cleaned up with some work. It is large, with the addition on the rear.

Our office represents buyers and buyers only. We never represent sellers so we can avoid the obvious conflicts of interest. Never dual agency or designated agency. We are 100% loyal to buyers.

Good luck with whatever you decide.
0 votes Thank Flag Link Fri Nov 4, 2011
Hi Royce,
It is Kim Foster Please give me a call and I can give you the status of this home as well as some exact details.
Kindest Regards,
Kim Foster
0 votes Thank Flag Link Fri Nov 4, 2011
Yes it appears that it does. Although with a tri-level layout, it would only be the area underneath the part of the house with the living room (on the right hand side of the photo in the listing). It is not finished.

Would you like to see the home?.... I'd be happy to help you locate other opportunities as well.

Pat Daum
Keller Williams
Web Reference:
0 votes Thank Flag Link Fri Nov 4, 2011
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